Loading Content...
Affordable Housing in Zip Code 35555: A Decade of LIHTC Development in Fayette, Alabama
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 35555 in Fayette, Alabama, encompasses an area of 322.47 square miles with an estimated population of 10,461 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 125 total housing units in this zip code, with 98 units designated as low-income. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 4,008 units. LIHTC funded affordable housing units represent about 3.12% of the estimated housing inventory in zip code 35555.
The LIHTC projects in zip code 35555 have received $372,348 in project tax credits, averaging $2,979 in federal funding per unit. This zip code holds 0.21% of the total state LIHTC funding, indicating a relatively small share of Alabama's affordable housing investment. Affordable housing has been present in this zip code since 1987, with the first project being Brookside Apartments. The most recent project, East Side Apartments, was completed in 1998, spanning over a decade of affordable housing development. The 1990s saw the most affordable housing projects completed in this zip code.
The LIHTC funded housing in zip code 35555 includes a mix of unit types, with 51 one-bedroom units, 42 two-bedroom units, and 28 three-bedroom units. This distribution suggests a focus on accommodating smaller households and families.
Over the last decade, the population in zip code 35555 has remained relatively stable, fluctuating between 10,198 and 10,461 residents. The median income has shown an overall increasing trend, rising from $37,548 in 2013 to $48,181 in 2022, with a peak of $55,839 in 2021. This income growth might indicate changing economic conditions in the area.
The racial composition of zip code 35555 has remained relatively consistent, with the white population comprising about 78-79% of residents, and the Black population ranging from 15-19% over the past decade. There has been a slight increase in racial diversity, with small percentages of Asian, Hispanic, and multiracial residents emerging in recent years.
The LIHTC program has contributed to the affordable housing inventory in zip code 35555, providing 125 units, of which 78.4% are designated as low-income. While these units represent a small portion of the estimated housing stock, they play a role in addressing affordable housing needs. The area has seen stable population levels and increasing median incomes over the past decade, which may influence the demand for affordable housing. The racial composition has remained relatively constant, with a slight trend towards increased diversity. The lack of new LIHTC projects since 1998 may warrant further investigation into current affordable housing needs and potential barriers to development in this zip code.
